Value investing research · A new report every two weeks
Quality businesses,
bought with a margin of safety.
Deep research on companies with durable moats and compounding growth, and a hard estimate of what they're actually worth. Every report gives you the thesis, a fair-value number, the bull and bear cases, and the risks that would break it. At least 20 a year, one every two weeks.
How it works
Research you can actually trust the process behind.
We screen for signal
Every candidate goes through a disciplined screen for value and quality. We look hard at the fundamentals, the moat, capital allocation and valuation long before anything becomes a report.
Analyzed on value principles
Working from primary filings, we test each business the way value investors do. Is the moat durable, does management allocate capital honestly, what are the real owner earnings, and does the price leave a margin of safety. A human analyst reviews and signs off on every report.
You get a clear verdict
A conviction rating, a fair-value estimate, the bull and bear cases, and the risks that would break the thesis. All of it in a report you can read in twenty minutes.
What you get
Every report follows the same rigorous structure.
Investment thesis
The single idea the whole report defends, and what has to be true for it to work.
Business & moat
How the company actually makes money and why it keeps making it.
Valuation & model
A transparent fair-value estimate with the assumptions laid bare.
Bull / bear scenarios
What each side is really betting on, sized and probability-weighted.
Key risks
The specific things that would prove us wrong.
Full disclosures
Methodology, conflicts, and the plain-English "not advice" statement.
Inside every report
The numbers that decide it, shown plainly.
We do not hide the reasoning behind narrative. Every report shows what the business is worth, what you are being asked to pay, what it earns on its capital, and how much risk the balance sheet carries.
The gap between our fair value and today's price.
Whether the business earns more than its capital costs.
See the full method on our Methodology page. Figures shown are illustrative, not investment advice.
In the tradition of
We didn't invent this discipline. We apply it.
Margin of safety. Never pay full price for an estimate.
Durable moats and owner earnings over optical cheapness.
A wonderful business at a fair price beats the reverse.
Scuttlebutt. Judge the quality of the business, not the chart.
Know what you own, and why you own it.
Return on capital paired with earnings yield.
Earnings power and franchise value before growth.
Valuation is a discipline, not a story.
These investors and academics shaped how we think. We claim no affiliation with them and no endorsement from them, only the discipline they taught.
The people & the data behind it
A research team, backed by data, not a content mill.
Every report is produced by our research team from primary sources: company filings, audited financials and market data. It is then read, challenged and signed off by a human analyst before it is published. Our approach is grounded in the value investing principles of Graham, Buffett and Munger, together with the lessons of Greenblatt, Fisher and Lynch. Buy good businesses at a discount to what they are worth, and insist on a margin of safety.
No paid coverage. No hype. If the numbers don't support the thesis, we say so.
Analyst-led
A human analyst reviews and signs off on every report. Nothing is published on autopilot.
Data-backed
Built bottom-up from primary filings, audited financials and market data rather than headlines.
Independent
We take no payment from covered companies. Any position or conflict is disclosed in the report.
Single report
Buy any one report outright and keep permanent access to it. Good for a single conviction idea.
Buy a reportAnnual, the whole stream
Every report we publish, at least 20 a year, one every two weeks. À la carte that's over $4,000 of research; the annual gives you continuous coverage for less.
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For informational purposes only. Not investment advice.